Research Of Shareholder Value Evaluation Model Based On The Overall Listed Companies

This paper takes overall listed company as the background, to explore the method of evaluating the shareholder value, and through an empirical analysis the overall list influence on shareholder value. Through the analysis of shareholders’ value evaluation theory and measure of the comparison of the index, with economic value added as the main index deduce the evaluation model, evaluated the shareholder value of overall listed companies. According to the evaluation results, the selected six index as a explain variables, used panel data model to analysis the results, through the correlation between the explanatory variables and economic value added, explore the change of the listed shareholders’ value influence by overall effect.The results of empirical study show that:(1) The shareholder value creation and the capital scale and capital cost rate closely related, the lower the cost of capital will bring higher shareholder value;(2) The financial index EPS and ROA has high explain degrees to EVA, explain the higher the degree that market and the higher the maturity, that the Chinese whole appears on the market is toward a more mature stage development;(3) The asset scale and economic value added is relevant, explain that on the overall listed process most of China enterprise integration are high quality assets, with the expansion of the scale of assets and produces a synergy, and to a certain extent, increase the economic value added. Therefore, the whole listed companies realize the growth of the shareholder value;(4) Tobin Q and EVA are strictly positive correlation, the increase of shareholder value will cause the growth of Tobin Q and EVA, and vice versa.This article provide the appraisal method of shareholder value, judge whether the overall list impact on shareholder value,have certain reference value for the shareholders’ value evaluation on preparing to overall list companies.